Premarket London: NMC Hits Back at Muddy Waters

Investing.com — Here is a summary of the most important regulatory news releases from the London Stock Exchange on Wednesday, 18th December. Please refresh for updates.

• Middle-eastern hospital operator NMC Health (LON:) hit back at short seller Muddy Waters Research, saying the accusations it published on Tuesday “appear principally unfounded, baseless and misleading, containing many errors of fact.”
• It said it would review the “assertions, insinuations and accusations” and respond in due course.
• NMC Health plunged over 32% on Tuesday, losing $2.4 billion in market value, after Muddy Waters, owned by Carson Black, alleged it inflated cash balances and understated its debt.
• The healthcare chain has enough confidence in its balance sheet to have announced a $200 million dollar share buyback program at the beginning of the month, as well as buying back $90 million of subordinated debt earlier this week.

• Educational publisher Pearson (LON:) said it will sell its remaining 25% stake in publishing firm Penguin Random House to Bertelsmann for 530 million pounds ($675 million). It will return 350 million pounds of the proceeds to shareholders through a share buyback.
• The company also said CEO John Fallon will retire in 2020, but will stay on until a successor has been appointed to ensure an orderly succession.

• Plumbing and heating group Ferguson (LON:) said it’s appointed Simon Oakley as CEO of the U.K. business that it is currently in the process of demerging.
• Oakley is at present CEO of Ferguson’s Canadian business and head of corporate development. Since September, he has also been project managing the Wolseley (LON:) U.K. demerger process.
• He replaces Mark Higson, who is leaving the company.

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